From US Bills and the Fed to Japan's Interest Rates... Bitcoin Faces 'Test' to Break $78,300

▲ US, Japan, Cryptocurrency Regulation, Bitcoin (BTC)/AI Generated Image

Bitcoin (BTC) faces a series of major policy events in the US and Japan this week.

According to Coingape on September 14 (local time), the total cryptocurrency market capitalization increased by 1.1% on Monday alone, reaching $2.72 trillion. Market attention is focused on the procedural vote for the US cryptocurrency market structure bill on the 15th and the interest rate decision by the Federal Reserve (Fed) on the 16th. Bitcoin's ability to break through resistance around $78,300 was cited as a price level that would determine its short-term trend.

Senators Cynthia Lummis, John Boozman, and Tim Scott unveiled an amended bill one day before the vote. The amendment includes ethics rules limiting federal officials' significant cryptocurrency interests. Those affected may have to sell the assets or transfer them to a qualified blind trust. The probability of the bill becoming law this year has risen to 43% on Polymarket.

The Fed will announce its interest rate decision on the 16th after a two-day Federal Open Market Committee (FOMC) meeting. The market reflects an 85% probability of a rate hike. The US August Consumer Price Index rose 3.4% year-over-year. Coingape analyzed that if interest rates rise, demand for risk assets could be pressured along with increased borrowing costs. Conversely, if rates are frozen, short-term burdens could ease depending on the economic outlook and press conference content.

Japanese variables also continue. The Bank of Japan (BOJ) will hold a monetary policy meeting from the 17th to the 18th, and Japan's August national consumer price index will also be announced on the 18th. Coingape pointed out that if interest rate hikes or stronger-than-expected inflation lead to a stronger yen, the global risk asset market could be shaken. Conversely, if the BOJ's monetary policy signals are less hawkish or inflationary pressures ease, it could alleviate pressure on investor sentiment.

[Article Summary]

-The US cryptocurrency market structure bill faces a procedural vote in the Senate on the 15th, and its chances of becoming law this year have risen to 43%.

-The Fed will decide on interest rates on the 16th, with the market reflecting an 85% probability of a rate hike.

-Japan will release its inflation figures and Bank of Japan decision simultaneously on the 18th, posing additional variables for the global cryptocurrency market.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*